China imported record iron ore in September as steel output curbs start to bite

POSCO, the world's third-biggest steelmaker, is not in talks with Sundance Resources over the latter's $4.6 billion iron ore project in West Africa, a POSCO source said. "We previously met Sundance Resources (on the project) but are not currently in talks with the company on it," the source told Reuters, declining to be named as he was not authorised to talk to the media.

China's insatiable demand for commodities has prompted a tripling in the price of mining truck tyres, making them more expensive than a Mercedes sportscar. Prices for tyres about 3.5 meters wide used on the Caterpillar trucks that haul iron ore and coal have touched $93,500 on the spot market, according to Leighton Holdings, a contractor for mining companies including BHP Billiton. Prices rose as high as $140,000 in 2008.

FoxBusiness.com quotes an analyst at an industry conference in Rio de Janeiro as saying on Tuesday Brazil's steel industry is "almost at crisis point," due to the country's strong currency and soaring raw-materials costs. Steelmakers have been hit by soaring prices for raw materials, including metallurgical coal and iron ore, prices for which reached record-high levels earlier this year. Some steelmakers have intensified their own iron-ore production activities in Brazil to shield themselves from high ore prices, but Brazil lacks sufficient coking coal resources.

MELBOURNE (Reuters) - Sundance Resources has shortlisted potential partners for its $4.6 billion iron ore project in West Africa, it said on Wednesday, sending its shares up as much as 6 percent.

Australian businesswoman Gina Rinehart who inherited a debt-ridden mining company 20 years ago, is predicted to become the world's richest person, according to media reports on Tuesday. Rinehart, 57, is already the richest Australian after her wealth more than doubled to $10.3bn this year. That still places her far behind Carlos Slim, Mexico's cellphone magnate worth some $73bn, but Rinehart's 100%-owned Hancock Prospecting has massive iron ore and coal projects that will start producing by 2014 and earn her annual profits of as much as $10bn.

China’s massive appetite for commodities is creating concerns for the global economy, the environment and workers in other countries. In a series of reports, VOA is looking at the economic power modern China wields. Chinese government and company officials are signing agreements at a dizzying pace around the world, including in places where few other foreigners invest.

Rio Tinto is comfortable with the company's multibillion-dollar project budgets in Australia, where labour, input and services costs were all increasing, Chief Executive Tom Albanese said on Tuesday. "I'm comfortable that our budgets in Australia are being managed appropriately," Albanese said at a business lunch.

The proposed Oakajee iron ore port and rail project in Australia, which last week faced the loss of a key customer, may have hit another snag, with one the two developers saying it was having problems raising funding. Murchison Metals , a 50:50 partner in the multi-billion dollar Oakajee (OPR) project, said on Monday it was now in talks with several parties, including Chinese-related investors, interested in participating in its development.

Tata Steel Ltd will use the $1.12 billion ('5,030 crore) it earned from the sale of its 26.3% stake in Australia's Riversdale Mining Ltd to fund the expansion of its steel-making capacity in Jamshedpur and Kalinganagar, as well as mining operations and capital expenditure in its European operations.